Three Units Located At the Food Court Put Up For Lease By STO For MVR 39 Per Square Foot

‘Raaveribey Kohttu Veni’ or commonly known as the Food Court Area located in Southwest Harbor of Male’ City was upgraded and opened by State Trading Organization Plc (STO) in May 2018. This was a project which was valued at MVR 32 million.

The company made an announcement three units from the food court:

Unit No 2: Located at Ameenee Magu and measuring in 960 square feet

Unit No 23: Located at Izzuddeen Magu and measuring in 1660 square feet

Unit No 26: Located at Izzuddeen Magu and measuring in 1260 square feet

Earlier this year, the company had relaxed the terms surrounding the lease of units at the food court which will be applicable this time around as well. Accordingly, the current base rate for the lease is MVR 39 per square foot.

Moreover, a bid security of MVR 100,000 and advance rent money which was collected previously will not be done so this time around whereas the lessees will now be required to pay a security deposit of two months instead of for three months. Apart from this, proponents will no longer have to produce a business proposal when submitting their bids for the units unlike on previous occasions.

Interested persons a requested to submit their proposal to STO Head Office reception before 1400 hours on 22nd March 2021. 

(Photo: STO)